Teekay and Teekay LNG Announce Resolution to China LNG Joint Venture Issues
October 22 2019 - 11:13AM
With reference to a press release issued on September 30, 2019,
Teekay Corporation (Teekay) (NYSE:TK) and Teekay LNG Partners L.P.
(Teekay LNG) (NYSE:TGP) announced today that COSCO Shipping Energy
Transportation Co., Ltd. has completed an ownership restructuring
on arms-length terms which has resulted in Teekay LNG’s joint
venture partner, China LNG Shipping (Holdings) Ltd. (China LNG), no
longer being classified as a “Blocked Person” under Office of
Foreign Assets Control (OFAC) rules. Accordingly, Teekay
LNG’s 50/50 joint venture with China LNG, which owns four
on-the-water ARC7 LNG carriers and two ARC7 LNG carrier
newbuildings, is also no longer classified as a “Blocked Person”
under OFAC rules.
The four existing ARC7 LNG carriers are
continuing to operate under their long-term contracts transporting
gas from the Yamal LNG project and the remaining two ARC7 LNG
carrier newbuildings are expected to deliver in the fourth quarter
of 2019.
As a result of the resolution of this issue, the
Teekay Group is now planning to reschedule its previously-postponed
investor and analyst meeting and expects to provide details
soon.
About Teekay
Teekay is a leading provider of international
crude oil and gas marine transportation services and also provides
offshore oil production. Teekay provides these services primarily
through its directly-owned fleet and its controlling ownership
interests in Teekay LNG Partners L.P. (NYSE:TGP), the world’s third
largest independent owner and operator of LNG carriers, and Teekay
Tankers Ltd. (NYSE:TNK), one of the world’s largest owners and
operators of mid-sized crude tankers. The consolidated Teekay
entities manage and operate total assets under management of
approximately $12 billion, comprised of approximately 150 liquefied
gas, offshore, and conventional tanker assets. With 12 operating
offices around the world and approximately 5,700 seagoing and
shore-based employees, Teekay provides a comprehensive set of
marine services to the world’s leading oil and gas companies.
Teekay’s common stock is listed on the New York
Stock Exchange where it trades under the symbol “TK”.
About Teekay LNG
Teekay LNG Partners is one of the world’s
largest independent owners and operators of LNG carriers, providing
LNG and LPG marine transportation services primarily under
long-term, fee-based charter contracts through its interests in 49
LNG carriers (including two newbuildings), 22 mid-size LPG carriers
and seven multi-gas carriers. The Partnership’s ownership interests
in these vessels range from 20 to 100 percent. In addition, the
Partnership owns a 30 percent interest in a regasification
terminal, which is currently under construction. Teekay LNG
Partners is a publicly-traded master limited partnership formed by
Teekay Corporation (NYSE:TK) as part of its strategy to expand its
operations in the LNG and LPG shipping sectors.
Teekay LNG Partners’ common units and preferred
units trade on the New York Stock Exchange under the symbol “TGP”,
“TGP PR A” and “TGP PR B”, respectively.
For Investor Relations enquiries
contact:
Ryan HamiltonTel: +1 (604) 609-2963Website:
www.teekay.com
Forward Looking Statement
This release contains forward-looking statements
(as defined in Section 21E of the Securities Exchange Act of 1934,
as amended) which reflect management’s current views with respect
to certain future events and performance, including: the timing of
newbuilding vessel deliveries; and the timing on the Teekay Group’s
rescheduled investor and analyst meeting. The following factors are
among those that could cause actual results to differ materially
from the forward-looking statements, which involve risks and
uncertainties, and that should be considered in evaluating any such
statement: potential shipyard construction delays, newbuilding
specification changes or cost overruns; deliveries of vessels under
charter contracts and the commencement thereof; and other factors
discussed in Teekay’s and Teekay LNG’s filings from time to time
with the SEC, including its Annual Report on Form 20-F for the
fiscal year ended December 31, 2018. Teekay and Teekay LNG
expressly disclaim any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in Teekay’s and Teekay LNG’s
expectations with respect thereto or any change in events,
conditions or circumstances on which any such statement is
based.
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